Impact of Governance Practices in Family Businesses on Socioeconomic Value Creation in Morocco

Abstract

ABSTRACT: The purpose of this paper is to make an investigation into the complex link that exists between the governance practices of family enterprises and the generation of socioeconomic value in the setting of Morocco. Family enterprises, which are a significant contributor to the economic landscape of the nation, are an essential component in the process of determining the socioeconomic growth of the nation. In this research, the primary objective is to examine of the governance structures that these businesses have chosen, as well as the ways in which these structures influence their capacity to produce value that goes beyond conventional financial advantages. By highlighting the significance of family companies in Morocco and the distinctive role they play in contributing to the larger socioeconomic fabric, the introduction establishes the context for the analysis that will follow. As we go through the next parts, we will dig further into the difficulties of governance in family businesses, focusing on how to navigate the delicate balance between professional management and familial relationships. An examination of the many different governance models that are widespread in Morocco is carried out in order to throw light on the consequences that various models have for decision-making procedures, transparency, and the long-term viability of these firms. The central focus of the paper is an investigation of the idea of socioeconomic value creation, with an emphasis on the multi-faceted character of this notion that extends beyond financial indicators. With a particular emphasis on the Moroccan setting, the research investigates the ways in which family companies, which are strongly established in cultural and community relations, make a constructive contribution to society. The purpose of this section is to emphasize the many ways in which these businesses have an influence on employment, community development, and social well-being. In conclusion, the results of this research provide useful insights into the essential role that governance practices within family companies play in influencing the contributions that these enterprises make to the socioeconomic growth of Morocco. It is crucial for policymakers, business executives, and academics who are interested in enhancing the good influence that family companies have on both the economic and social levels to have a solid understanding of these processes. KEYWORDS: family companies, Morocco, socioeconomic growth, governance